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Improv Corporation decides to redeem its $100,000 face value bonds when the carrying value is $107,019.48. The bonds are redeemed on December 31, 2015, at

Improv Corporation decides to redeem its $100,000 face value bonds when the carrying value is $107,019.48. The bonds are redeemed on December 31, 2015, at 102.

REQUIRED:

Calculate Improv Corporations gain or loss on the early redemption of the bonds.

What journal entry should be recorded at the time of bond redemption?

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